FESM vs SEIS: Grades, Fees and Holdings Compared

Fidelity Enhanced Small Cap ETF

FESMANYSE Arca

SEI Select Small Cap ETF

SEISBNasdaq

Overlap

28.5%by weight

Expense ratio

FESM −0.27pt a year

FESM0.28%SEIS0.55%

Avg volume · 30D

FESM 21.3×the volume

FESM1.06MSEIS49.5K

FESM vs SEIS Performance

Nov 7, 2025 – Nov 9, 2026

+25.8%FESM+18.4%SEIS

Expense ratio: FESM 0.28%, better; SEIS 0.55%
Fund size: FESM $6.74B; SEIS $607M
1Y total return: FESM +25.8%, better; SEIS +18.4%
Yield (12M): FESM 0.86%, better; SEIS 0.32%
Holdings: FESM 895; SEIS 365
Avg volume (30D): FESM 1.06M sh, better; SEIS 49.5K sh
NAV per share: FESM $45.75; SEIS $30.83
52W range

ETF.net Grade

Pillar letters and Scores for FESM, SEIS, with each pillar’s weight
Pillar	FESM	SEIS
Cost30% weight	A96Higher	C54
Mission25% weight	A85	Not scored
Risk15% weight	B66Higher	C49
Tradability15% weight	A91Higher	A87
Holdings10% weight	A78Higher	B66
Durability5% weight	A93Higher	B64

Rank among US Active Small-Cap funds

How we build Categories ›

Same Category. FESM and SEIS are both graded against the same 39 US Active Small-Cap funds, so their Grades compare head to head.

US Active Small-Cap⁠

Category · 39 funds

See all 39 ›

FESM ranks 2nd and SEIS 10th of 39 funds in the US Active Small-Cap Category.

Rank 1AAVSCAvantis U.S. Small Cap Equity ETFScore 88
Rank 2AFESMFidelity Enhanced Small Cap ETFScore 86
Rank 3ADFSVU.S. Small Cap Value Portfolio ETF Class SharesScore 82
Rank 10BFSMLFranklin Small Cap Enhanced ETFScore 61
Rank 10BSEISSEI Select Small Cap ETFScore 61
Rank 13BACSVAmerican Century Small Cap Value Insights ETFScore 60

Our read on each fund

ETF.net Research

FESMAFidelity Enhanced Small Cap ETF

SEISBSEI Select Small Cap ETF

In short

FESM A quant small-cap strategy that has been running since 2007 and moved into an ETF wrapper in 2023 with the same mandate. It nudges the Russell 2000 rather than copying it, and charges far less than the typical active small-cap fund.

SEIS No data

Stated mandate

FESM The fund is a diversified U.S. equity strategy focused on small-cap companies. It seeks to outperform its benchmark through a quantitative process that balances risk and return.

SEIS No data

Why people hold it

FESM Costs 0.28% a year, roughly half the median for active US small-cap ETFs. Cheap fuel for a strategy that only needs to beat its benchmark by a little.
The strategy dates to 2007 as a Fidelity mutual fund and kept the same objective when it converted to an ETF in 2023. Long history, newer ticker.fidelity.com
A multi-billion-dollar fund that trades actively, so getting in and out tends to be straightforward. One of the stronger builds in the active small-cap group.
Spreads across roughly 600 small-cap names, so no single blowup dominates. This is a diversified core sleeve, not a concentrated stock-picker bet.

SEIS No data

Worth knowing

FESM Small caps are the choppiest corner of the US market, and this fund lives there full time. Expect a bumpier ride than a large-cap core holding.fidelity.com
Enhanced index means small tilts around the Russell 2000, not a break from it. Results track close to the index rather than looking dramatically different.fidelity.com
Cheap, but not the cheapest in the room: top-rated peers AVSC and AVUV run 0.25% and DUHP 0.20%.

SEIS No data

Full FESM profile⁠

Full SEIS profile⁠

FESM vs SEIS Holdings

How FESM and SEIS differ

Overlap by weight

28.5%

Shared holdings make up 58.0% of SEIS and 38.4% of FESM.

Level by level

Holdings213 in both28.5%
Sector11 Sectors88.3%
Countryby domicile97.9%
Asset classStocks100%

Sector

Sector weights in FESM and SEIS, widest gap first
Sector	Gap	FESM	SEIS
Technology	SEIS +3.8 points	14.9%	18.7%
Consumer Discretionary	SEIS +3.7 points	9.1%	12.8%
Health Care	FESM +3.2 points	21.4%	18.2%
Consumer Staples	SEIS +2.9 points	1.2%	4.1%
Financials	FESM +1.9 points	19.1%	17.2%
Energy	FESM +1.9 points	6.1%	4.2%
Utilities	FESM +1.6 points	1.7%	0.1%
Communication	FESM +1.4 points	3.2%	1.8%
Industrials	SEIS +1.4 points	14.5%	15.9%
Materials	FESM +0.9 points	4.9%	4.0%
Real Estate	FESM +0.7 points	3.8%	3.1%

Country, concentration and asset class

Country by domicile

Country weights in FESM and SEIS, widest gap first
Country	Gap	FESM	SEIS
United States	FESM +1.8 points	99.4%	97.6%
Canada	SEIS +1.7 points	0.2%	1.9%
Other countries (5)	SEIS +0.2 points	0.3%	0.5%

Concentration

Weight in the 10 largest Holdings

FESM9.7%
SEIS11.0%

Securities held

FESM893
SEIS364

Asset class

FESM: Stocks
SEIS: Stocks

Holdings

Only in FESM680
In both213
Only in SEIS151

Only in FESM

680 securities, 62.8% of FESM by weight

Securities Lending Cf2.43%
Installed Building Prod Inc0.76%
Fluor Corp0.74%
Outfront Media Inc0.70%
Phillips Edison & Co0.68%
Griffon Corp0.67%
Aci Worldwide Inc0.61%
Payoneer Global Inc0.60%
Navan Inc A0.53%
Hci Group Inc0.52%
Home Bancshares Inc0.52%
Atricure Inc0.51%
Extreme Networks Inc0.50%
Skyward Specialty Ins Grp Inc0.50%
Wesbanco Inc0.50%
Adaptive Biotechnologies Corp0.49%
Aar Corp0.49%
Materion Corp0.48%
Glacier Bancorp Inc0.47%
Harmony Biosciences Hldgs Inc0.47%
Guardant Health Inc0.47%
Callaway Golf Company0.46%
Life Time Group Holdings Inc0.46%
Federated Hermes Inc0.46%
Insight Enterprises Inc0.46%
Kodiak Gas Services Inc0.44%
Maxlinear Inc0.42%
Avista Corp0.40%
Marriott Vacations World0.40%
Bgc Group Inc A0.39%
Yelp Inc0.38%
United Community Banks Ga0.37%
Eastern Bankshares Inc0.37%
Vertex Inc - Class A0.36%
Wiley (John) & Sons Inc Class A0.36%
Benchmark Electronics Inc0.36%
Fb Financial Corp0.36%
Doubleverify Holdings Inc0.35%
Privia Health Group Inc0.35%
Stepstone Group Inc Class A0.34%
Progress Software Corp0.33%
Northwest Bancshares Inc0.33%
M/I Homes Inc0.32%
Upstart Holdings Inc0.32%
Dxp Enterprises Inc0.32%
Appian Corp Class A0.32%
Rush Enterprises Inc Class A0.32%
Texas Capital Bancshares Inc0.31%
Option Care Health Inc0.31%
Fulton Financial Corp0.31%

Only in SEIS

151 securities, 41.7% of SEIS by weight

Terex Corp1.08%
Watts Water Technologies-A1.07%
Jackson Financial Inc-A1.01%
Apple Hospitality Reit Inc0.97%
Progyny Inc0.89%
Lifestance Health Group Inc0.81%
Zions Bancorp Na0.76%
Cleveland-Cliffs Inc0.76%
Hudbay Minerals Inc0.72%
Umb Financial Corp0.70%
Kiniksa Pharmaceuticals Inte0.69%
Open Text Corp0.67%
Keysight Technologies In0.64%
Repligen Corp0.60%
Exponent Inc0.59%
Victory Capital Holding - A0.57%
Rbc Bearings Inc0.56%
Livanova PLC0.56%
Sensata Technologies Holdplc0.53%
Stride Inc0.53%
Highwoods Properties Inc0.52%
Lyft Inc-A0.48%
Molina Healthcare Inc0.45%
Columbia Banking System Inc0.45%
Brinker International Inc0.43%
Bank of N.t. BUTTERFIELD&SON0.43%
Ralliant Corp0.42%
Visteon Corp0.40%
Dave Inc0.40%
Garrett Motion Inc0.40%
Laureate Education Inc0.39%
Marex Group Ltd0.39%
Jfrog Ltd0.38%
Photronics Inc0.38%
Church & Dwight Co Inc0.37%
Firstcash Holdings Inc0.36%
Globus Medical Inc - A0.36%
Advanced Drainage Systems In0.36%
Tyler Technologies Inc0.36%
Monolithic Power Systems Inc0.35%
Burlington Stores Inc0.34%
Aecom0.33%
Gigacloud Technology Inc - A0.33%
Herbalife Ltd0.33%
Vita Coco Co Inc/The0.33%
Ul Solutions Inc - Class A0.31%
Chefs' Warehouse Inc/The0.31%
Heico Corp-Class A0.30%
Hancock Whitney Corp0.29%
Novanta Inc0.28%

Weight gaps

The 100 widest of 213 Holdings in both funds.

Holding weights in FESM and SEIS, widest gap first
Holding	Gap	FESM	SEIS
Cno Financial Group IncCNO	SEIS +1.17 points	0.19%	1.36%
Urban OutfittersURBN	SEIS +1.02 points	0.12%	1.14%
Exlservice Holdings IncEXLS	SEIS +0.79 points	0.35%	1.14%
Caredx IncCDNA	SEIS +0.75 points	0.23%	0.98%
Old National Bancorp (Ind)ONB	SEIS +0.75 points	0.07%	0.82%
Zurn Elkay Water Solutions CorZWS	SEIS +0.69 points	0.19%	0.88%
Cheesecake Factory IncCAKE	SEIS +0.68 points	0.10%	0.78%
Glaukos CorpGKOS	FESM +0.67 points	0.97%	0.30%
Abercrombie & Fitch Co Class AANF	SEIS +0.64 points	0.67%	1.31%
Federal Signal CorpFSS	SEIS +0.58 points	0.09%	0.67%
Harley-Davidson IncHOG	SEIS +0.58 points	0.03%	0.61%
American Eagle Outfitters IncAEO	SEIS +0.54 points	0.21%	0.75%
Diodes IncDIOD	SEIS +0.52 points	0.29%	0.81%
Frontdoor IncFTDR	SEIS +0.51 points	0.00%	0.51%
Oscar Health Inc - Class AOSCR	FESM +0.51 points	0.75%	0.24%
Enova Intl IncENVA	SEIS +0.46 points	0.40%	0.86%
Plexus CorpPLXS	FESM +0.47 points	0.63%	0.16%
Bread Financial Holdings IncBFH	SEIS +0.46 points	0.20%	0.66%
Covista IncCVSA	SEIS +0.45 points	0.00%	0.45%
Freshworks Inc Class AFRSH	SEIS +0.45 points	0.17%	0.62%
Korn FerryKFY	SEIS +0.45 points	0.05%	0.50%
Kulicke & Soffa Industries IncKLIC	FESM +0.43 points	0.53%	0.10%
Wsfs Financial CorpWSFS	FESM +0.42 points	0.59%	0.17%
Sonos IncSONO	FESM +0.42 points	0.56%	0.14%
Healthequity IncHQY	FESM +0.42 points	0.74%	0.32%
Tutor Perini CorpTPC	FESM +0.41 points	0.58%	0.17%
Victoria's Secret & CoVSXY	SEIS +0.40 points	0.26%	0.66%
Viavi Solutions IncVIAV	SEIS +0.38 points	0.10%	0.48%
Cushman & Wakefield LtdCWK	FESM +0.38 points	0.54%	0.16%
Ceco Environmental CorpCECO	FESM +0.38 points	0.49%	0.11%
Polaris IncPII	FESM +0.34 points	0.50%	0.16%
Prog Holdings IncPRG	SEIS +0.35 points	0.00%	0.35%
Tg Therapeutics IncTGTX	SEIS +0.35 points	0.16%	0.51%
Acadian Asset Management IncAAMI	SEIS +0.35 points	0.31%	0.66%
Argan IncAGX	SEIS +0.32 points	<0.01%	0.32%
Nurix Therapeutics IncNRIX	SEIS +0.32 points	0.08%	0.40%
Clear Secure IncYOU	SEIS +0.31 points	0.66%	0.97%
Champion Homes IncSKY	SEIS +0.31 points	0.18%	0.49%
Netscout Systems IncNTCT	SEIS +0.31 points	<0.01%	0.31%
Openlane IncOPLN	FESM +0.31 points	0.59%	0.28%
Encore Cap Group IncECPG	FESM +0.30 points	0.62%	0.32%
Enersys IncENS	FESM +0.29 points	0.62%	0.33%
Skywest IncSKYW	FESM +0.28 points	0.42%	0.14%
Carters IncCRI	SEIS +0.27 points	<0.01%	0.27%
Commvault Systems IncCVLT	FESM +0.26 points	0.46%	0.20%
Evertec IncEVTC	SEIS +0.26 points	0.25%	0.51%
Wisdomtree IncWT	SEIS +0.25 points	0.42%	0.67%
Marqeta Inc Class AMQ	SEIS +0.25 points	0.02%	0.27%
First Financial BancorpFFBC	SEIS +0.25 points	0.05%	0.30%
Myr Group Inc/DelawareMYRG	SEIS +0.25 points	0.15%	0.40%
Alarm.com Holdings IncALRM	SEIS +0.23 points	0.33%	0.56%
National Energy Services ReuniNESR	SEIS +0.24 points	0.06%	0.30%
Workiva IncWK	FESM +0.24 points	0.43%	0.20%
Celldex Therapeutics IncCLDX	SEIS +0.23 points	0.04%	0.27%
FIVE9 IncFIVN	SEIS +0.23 points	0.00%	0.23%
Addus Homecare CorpADUS	SEIS +0.23 points	0.00%	0.23%
Healthcare Services Group IncHCSG	SEIS +0.22 points	0.03%	0.25%
Northern Oil and Gas IncNOG	SEIS +0.22 points	0.00%	0.22%
Diamondrock Hospitality CoDRH	SEIS +0.22 points	0.06%	0.28%
United Natural Foods IncUNFI	FESM +0.22 points	0.38%	0.16%
Krystal Biotech IncKRYS	SEIS +0.21 points	0.03%	0.24%
Ani Pharmaceuticals IncANIP	SEIS +0.22 points	0.00%	0.22%
Associated Banc CorpASB	SEIS +0.21 points	0.20%	0.41%
Talos Energy IncTALO	SEIS +0.21 points	0.13%	0.34%
Cavco Industries IncCVCO	FESM +0.20 points	0.37%	0.17%
Qualys IncQLYS	SEIS +0.20 points	0.00%	0.20%
Century Aluminum CompanyCENX	SEIS +0.20 points	0.00%	0.20%
Ligand PharmaceuticalsLGND	SEIS +0.19 points	0.00%	0.19%
Haemonetics Corp MassHAE	SEIS +0.19 points	0.14%	0.33%
Merit Medical Systems IncMMSI	SEIS +0.19 points	0.01%	0.20%
Peoples Bancorp IncPEBO	SEIS +0.20 points	0.01%	0.21%
Cargurus Inc Class ACARG	FESM +0.19 points	0.44%	0.25%
Amneal Pharmaceuticals IncAMRX	SEIS +0.18 points	0.25%	0.43%
Towne BankTOWN	FESM +0.18 points	0.31%	0.13%
Axos Financial IncAX	SEIS +0.17 points	<0.01%	0.17%
Caretrust Reit IncCTRE	FESM +0.17 points	0.32%	0.15%
Stonex Group IncSNEX	FESM +0.16 points	0.45%	0.29%
National Vision Holdings IncEYE	SEIS +0.17 points	<0.01%	0.17%
Aurinia Pharmaceuticals IncAUPH	SEIS +0.16 points	0.12%	0.28%
Balchem CorpBCPC	FESM +0.17 points	0.62%	0.45%
Piedmont Realty Trust IncPDM	SEIS +0.16 points	<0.01%	0.16%
Intapp IncINTA	SEIS +0.16 points	0.13%	0.29%
Ardagh Metal Packaging SAAMBP	SEIS +0.16 points	0.00%	0.16%
Quinstreet IncQNST	SEIS +0.16 points	0.04%	0.20%
Collegium Pharmaceutical IncCOLL	SEIS +0.16 points	0.01%	0.17%
Pebblebrook Hotel TrustPEB	SEIS +0.16 points	0.06%	0.22%
Pubmatic Inc Class APUBM	SEIS +0.16 points	0.01%	0.17%
Cal-Maine Foods IncCALM	SEIS +0.16 points	<0.01%	0.16%
Ssr Mining Inc (Usa)	SEIS +0.15 points	0.17%	0.32%
Astec Industries IncASTE	SEIS +0.15 points	0.12%	0.27%
Central Garden & Pet Co Class ACENTA	SEIS +0.15 points	0.02%	0.17%
Connectone Bancorp IncCNOB	SEIS +0.16 points	0.01%	0.17%
Sensient Technologies CorpSXT	FESM +0.15 points	0.50%	0.35%
Eplus IncPLUS	SEIS +0.15 points	0.00%	0.15%
Commercial Metals CoCMC	SEIS +0.15 points	0.74%	0.89%
Nabors Industries LtdNBR	SEIS +0.14 points	0.13%	0.27%
Innoviva IncINVA	SEIS +0.15 points	0.00%	0.15%
Innovex International IncINVX	SEIS +0.15 points	0.05%	0.20%
Pennant Group IncPNTG	SEIS +0.14 points	0.00%	0.14%
Allegiant Travel CoALGT	SEIS +0.14 points	0.14%	0.28%

All 632 FESM holdings⁠All 364 SEIS holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FESM vs SEIS Cost

Overpaying SEIS vs FESM

$5,149

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

FESM 0.28%
$5,755
SEIS 0.55%
$10,904

Amount$10,000

Years30 years

Cost over time

FESM 0.28%
SEIS 0.55%
Overpaying

Year by year

Year	FESM	SEIS	Overpaying
10	$509	$988	$479
20	$1,976	$3,790	$1,814
30	$5,755	$10,904	$5,149

Expense ratio

0.28%FESM, cheaper
0.55%SEIS

FESM0.28%SEIS0.55%

0.25%2.20%

Middle half of US Active Small-Cap funds
Median 0.55%

FESM 2nd cheapest of 39 funds

SEIS 18th cheapest of 39 funds

FESM vs SEIS Dividends

Last 12 months to Nov 9, 2026

Yield (12M): FESM 0.86%, better; SEIS 0.32%
Payout (12M): FESM $0.39; SEIS $0.10
Last payment: FESM $0.10; SEIS $0.02
Ex-dividend: FESM Sep 18, 2026; SEIS Oct 5, 2026
Paid on: FESM Sep 22, 2026; SEIS Oct 6, 2026
Frequency: FESM Quarterly; SEIS Quarterly

Distribution history

Per share, 2023 to 2026, same scale for both

FESMQuarterly · 13 paymentsAll FESM payments⁠

SEISQuarterly · 9 paymentsAll SEIS payments⁠

FESM vs SEIS Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: FESM 19.6%since Dec 2023SEIS 18.5%since Nov 2024
Return per unit of riskSharpe ratio, 3 years: FESM 0.97since Dec 2023SEIS 0.51since Nov 2024
Worst fallMax drawdown, 5 years: FESM −26.9%since Nov 2023SEIS −26.1%since Oct 2024
Market sensitivityBeta, 5 years: FESM 1.33SEIS 1.15; Market = 1

FESM and SEIS in the news

All news⁠

Best ETFs
Schwab and Vanguard charge the same 0.03%. Their small-cap funds are 3.7 percentage points apart
Updated Oct 2, 2026FESM

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FESM vs SEIS

In short

Stated mandate

Why people hold it

Worth knowing

How FESM and SEIS differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FESM

Only in SEIS

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Schwab and Vanguard charge the same 0.03%. Their small-cap funds are 3.7 percentage points apart

How FESM and SEIS differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FESM

Only in SEIS

Weight gaps